Question: 16. Jeff and John shared equally in an inheritance. Using his inheritance, John immediately bought a 14-year annuity-due with annual payments of 3500 each. Jeff

16. Jeff and John shared equally in an inheritance. Using his

16. Jeff and John shared equally in an inheritance. Using his inheritance, John immediately bought a 14-year annuity-due with annual payments of 3500 each. Jeff put his inheritance in an investment fund earning an annual effective interest rate of 4.4%. After 4 years, Jeff bought a 18- year annuity immediate with annual payment of Z. The present value of both annuities was determined using an annual effective interest rate of 7.8%. Calculate Z

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